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DBhd Unit To Undertake Civil Servants Housing Project In Putrajaya

Last update: 18/10/2016

KUALA LUMPUR, Oct 18 (Bernama) -- Damansara Realty Bhd's (DBhd) wholly-owned subsidiary, Damansara Realty (Johor) Sdn Bhd, will develop the 1Malaysia Civil Servants Housing (PPA1M) project in Putrajaya with a gross development value of RM467.3 million.



Damansara Realty (Johor)today signed an agreement with Putrajaya Corporation (PJC) on the venture.



The project, spread over 4.82 hectares comprises 1,350 residential units and 45 commercial units at Presinct 5 and is expected to be completed by end-2019, DBhd said in a statement.



It also said the revenue from the PPA1M project will be recognised in the current financial year ending 31 Dec 31, 2016 and is expected to increase significantly in the financial year ending Dec 31, 2017.



DBhd's Group Chief Executive Officer Brian Iskandar Zulkarim said the company is confident of a healthy take-up rate in view of the project's strategic location.



"A risk mitigating factor is that the PJC has agreed to purchase any remaining unsold units after a certain period.



"This project will play a significant role in Damansara Realty's efforts to accelerate its property development business in various parts of Malaysia," he added.



-- BERNAMA